Fresh bearish extension on Tuesday after recovery was repeatedly rejected under falling 20DMA, retraced over 50% of 1.2015/1.2175 recovery phase and also probes below 10DMA (1.2099), close below which would signal an end of recovery phase and further weaken near-term structure. Momentum, stochastic and RSI are turning south on daily chart and add to negative signals. Bears need extension and close below 1.2076 (Fibo 61.8%) to confirm reversal and re-focus key 1.20 support zone, below which a number of stops are parked and violation can spark strong bearish acceleration. Falling 20DMA (1.2168) and Fibo 38.2% of 1.2522/1.2015/6 Aug high (1.2208) mark pivotal barriers which are expect to keep the upside protected and keep bears firmly in play.

Res: 1.2114; 1.2138; 1.2168; 1.2208
Sup: 1.2076; 1.2044; 1.2015; 1.2000



Interested in GBP/USD technicals? Check out the key levels

    1. R3 1.2233
    2. R2 1.2203
    3. R1 1.2165
  1. PP 1.2135
    1. S1 1.2097
    2. S2 1.2067
    3. S3 1.2029


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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